BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Harvest Company has the following payroll information for the pay period ended April 14:

images

Taxable earnings for Social Security are based on the first $ 118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week.

Required

  1. 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2944.
  2. 2. Prepare a general journal entry to record the payroll. The firm’s general ledger contains a Wages Expense account and a Wages Payable account.
  3. 3. Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a journal entry to record the payment of wages.

1.

To determine

Complete the Company H’s payroll register.

Explanation

Payroll:

Payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period. It is the financial record of the wages and bonus, net pay, salary and deductions of a company’s employees.

Complete the Company H’s payroll register.

2.

To determine

Journalize the transaction to record the payroll.

3.

To determine

Journalize the transaction to record the payment of wages by assuming that the company has transferred funds from its regular bank account to its special payroll bank.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

How do HTTP and HTTP-NG differ?

Accounting Information Systems

How can you prevent multimedia presentation software from stealing your thunder?

Essentials of Business Communication (MindTap Course List)

Looking at the income statement, what are the company's most recent sales and net income? Over the past several...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is a separation report?

PAYROLL ACCT.,2019 ED.(LL)-TEXT